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Volume :26 Issue : 2 1998      Add To Cart                                                                    Download

Oil Imports Elasticities in The European Union and oil future pricing policies

Auther : Mamdouh A. AL-Kaswani - Ahmed H. Saleh

This study uses an econometric approach to estimate long and short run European import demand elasticities with respect to crude oil prices, taxes, and exchange rates, for the purpose of examining three issues. First is the appropriateness of oil pricing policies as a means to minimize trade balance fluctuation between OPEC members and their European trading parents. Second is the effect of us dollar fluctuations on OPEC revenues. Third, is the question of whether OPEC members should continue to post oil prices in US dollars, or use another currency Statistical evidence suggests that oil pricing policy is ineffective, and that the interest of OPEC members would be better served by exchange rate policy. It is suggested that OPEC members use the proposed European Currency Euro Instead   of the US dollar for oil pricing.     

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